Record the transactions in journal of top dog running shoes:Round answer to near

Question

Record the transactions in journal of top dog running shoes:Round answer to nearest whole dollar. 2008 Feb. 12 Recorded Mastercard bankcard sales of $100,000 less a2% discount. Aug. 1 Loaned $20,000 to Jean Porter, an executive with thecompany, on a one-year, 12% note. Dec. 31 Accrued interest revenue on the Porter not 2009 Aug 1 Collected the maturity value of the Porter note I only need help with the August 12009 journal entry of recording the collection of the notereceivable Please help will rate respond asap Record the transactions in journal of top dog running shoes:Round answer to nearest whole dollar. 2008 Feb. 12 Recorded Mastercard bankcard sales of $100,000 less a2% discount. Aug. 1 Loaned $20,000 to Jean Porter, an executive with thecompany, on a one-year, 12% note. Dec. 31 Accrued interest revenue on the Porter not 2009 Aug 1 Collected the maturity value of the Porter note I only need help with the August 12009 journal entry of recording the collection of the notereceivable Please help will rate respond asap Please help will rate respond asap

Explanation / Answer

01-Feb-08

01-Aug-08

31-Dec-08

01-Aug-09

01-Feb-08

Cash $98000       Sales Revenue $98000 ($100,000 - 2%x $100,000)

01-Aug-08

Notes Receivable $20000       Cash $20000

31-Dec-08

Accrued Interest Revenue $1000            Interest Revenue $1000 ($20000 x 12% x5/12)

01-Aug-09

Cash $22400         AccruedInterest $1000         InterestRevenue $1400         NotesReceivable $20000

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